{"id":273,"date":"2024-06-28T09:23:15","date_gmt":"2024-06-28T06:23:15","guid":{"rendered":"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/blackstone-to-buy-crown-resorts-for-a8-billion\/"},"modified":"2024-06-28T09:23:15","modified_gmt":"2024-06-28T06:23:15","slug":"blackstone-to-buy-crown-resorts-for-a8-billion","status":"publish","type":"post","link":"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/blackstone-to-buy-crown-resorts-for-a8-billion\/","title":{"rendered":"Blackstone to Buy Crown Resorts for A$8 Billion"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/ZflbZXmp1dE\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Blackstone Group has proposed to purchase the remaining stock of Crown Resorts, an Australian integrated resort operator, for A$8.02 billion (approximately \u00a34.47 billion\/\u20ac5.21 billion\/$6.19 billion).<\/p>\n<p>Blackstone has submitted a bid of A$11.85 per share to acquire the 90.1% of shares it does not presently possess.<\/p>\n<p>Crown has stated that it has not yet conducted a comprehensive review of the proposition and has commenced an evaluation of the offer. During this assessment, it will communicate with relevant parties, including regulatory bodies.<\/p>\n<p>The operator added that its investors do not need to take any action at this time and indicated that the offer might not result in a transaction.<\/p>\n<p>Crown has appointed UBS as its financial consultant and Allens as its legal counsel for the acquisition proposal.<\/p>\n<p>The private equity firm already owns 9.99% of Crown, which it acquired from MGM Resorts International, an Asian gaming giant, in April 2020 for A$8.15 per share.<\/p>\n<p>MGM initially agreed to purchase a 19.99% stake in CPH Crown Holdings for approximately $1.76 billion in May 2019. The agreement was to be finalized in two phases, with MGM acquiring the initial 9.99% stake shortly after the agreement was reached. <\/p>\n<p>Although this agreement ignited criticism from Australian media outlets against the companies, it prompted the New South Wales Independent Liquor and Gaming Authority to initiate an inquiry into Crown.<\/p>\n<p>The inquiry aimed to determine if Crown was qualified to construct a new integrated resort in Sydney&#8217;s Barangaroo, and if not, what modifications were necessary to make it eligible.<\/p>\n<p>The authority also examined whether MGM was suitable in its role as a closely associated entity, and whether the agreement violated the Barangaroo license.<\/p>\n<p>Soon after the inquiry commenced, MGM postponed its acquisition of the second portion of Crown shares, ultimately withdrawing and selling its previously purchased shares to Blackstone.<\/p>\n<p>The inquiry revealed that money laundering had occurred through accounts owned by Crown subsidiaries and within Crown&#8217;s own premises.<\/p>\n<p>The inquiry also discovered that owner James Packer had excessive influence over the company, despite not being a director, including personally agreeing and executing the sale to MGM without board approval. Consequently, the board could not guarantee that the deal did not breach Crown&#8217;s Barangaroo license.<\/p>\n<p>The inquiry concluded that the evidence of money laundering alone was sufficient to determine that Crown was not qualified to hold the Barangaroo license.<\/p>\n<p>However, Crown could still be permitted to operate the venue if it implemented specific changes. <\/p>\n<p>The regulatory body&#8217;s suggestions include: Crown should continue to refrain from collaborating with high-profile groups that haven&#8217;t received approval from the regulators, and Packer should cease &#8220;remotely controlling&#8221; the company, meaning he should stop effectively managing the company despite not being a member of Crown&#8217;s board.<\/p>\n<p>Furthermore, the recommendations propose a reorganization of Crown&#8217;s board.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Blackstone Group has proposed to purchase the remaining stock of Crown Resorts, an Australian integrated resort operator, for A$8.02 billion (approximately \u00a34.47 billion\/\u20ac5.21 billion\/$6.19 billion). Blackstone has submitted a bid of A$11.85 per share to acquire the 90.1% of shares it does not presently possess. Crown has stated that it has not yet conducted [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blackstone Bids for Crown Resorts: A$8 Billion Deal<\/title>\n<meta name=\"description\" content=\"Blackstone Group proposes to acquire the remaining shares of Crown Resorts for A$8.02 billion, sparking a potential takeover.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/blackstone-to-buy-crown-resorts-for-a8-billion\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Blackstone to Buy Crown Resorts for A$8 Billion\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Blackstone Group proposes to acquire the remaining shares of Crown Resorts for A$8.02 billion, sparking a potential takeover.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/blackstone-to-buy-crown-resorts-for-a8-billion\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Experience the Thrill of Victory at Our Licensed Online Casino\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T06:23:15+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/blackstone-to-buy-crown-resorts-for-a8-billion\/\",\"url\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/blackstone-to-buy-crown-resorts-for-a8-billion\/\",\"name\":\"Blackstone Bids for Crown Resorts: A$8 Billion Deal\",\"isPartOf\":{\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-28T06:23:15+00:00\",\"dateModified\":\"2024-06-28T06:23:15+00:00\",\"author\":{\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Blackstone Group proposes to acquire the remaining shares of Crown Resorts for A$8.02 billion, sparking a potential takeover.\",\"breadcrumb\":{\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/blackstone-to-buy-crown-resorts-for-a8-billion\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/blackstone-to-buy-crown-resorts-for-a8-billion\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/2024\/06\/28\/blackstone-to-buy-crown-resorts-for-a8-billion\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/reddognodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Blackstone to Buy Crown Resorts for A$8 Billion\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/reddognodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/reddognodepositbonuscodes.icu\/\",\"name\":\"Experience the Thrill of Victory at Our Licensed Online Casino\",\"description\":\"Immerse yourself in the excitement of licensed online gambling through our fresh news, in-depth game reviews, and informative insights. 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